Megatrends

The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.

Credit Cards in Spain

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Executive Summary

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PROSPECTS

Revolving credit becomes more popular

Due to the high demand for consumer credit in recent years, combined with the healthier state of the Spanish economy, which although slowing, continues to achieve one of the strongest growth rates in the EU, card issuers are more willing to lend money on credit cards. This will likely lead to more cards being issued over the forecast period, but also to increased competition amongst financial institutions in terms of the variety of products offered to consumers.

Commercial credit cards continued to grow in 2019, although still representing a small percentage of sales and cards in circulation compared with personal credit cards. It should be highlighted that companies have many options in terms of accessing credit quickly, and usually they prefer to use charge cards, which often offer more detailed analysis of spend and the ability to settle the account in full on a monthly basis.

E-commerce supports growth of credit cards

E-commerce grew rapidly in Spain over the review period, with strong growth in particular in early 2019.

COMPETITIVE LANDSCAPE

A number of mergers and acquisitions

Bankinter acquired EVO Banco (MBNA Europe Bank) in Spain in 2018.

FinTech players make slow progress

Despite the notable attention given to the emergence of new digital native operators such as BNext, Revolt and N26, their weight in the market remains relatively low, with relatively few credit cards issued.

Banco Santander launches new security system in its new Prime credit card

The new Santander Prime credit card includes Santander Prime Protect, a package of services aimed at strengthening the security of customers in each of their payments. Santander Protect has an improved service for managing incidents in case of fraud and a provision for alerts and preventive blocking of suspicious transactions.

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